ABSTRACT
This chapter introduces an approach to price modeling: econometric models. It defines Big Data and highlights issues associated with working with Big Data. The chapter presents some data visualization methods for examining Big Data and prices maintained in data warehouses and data marts. Storage became an issue for Big Data as small panels evolved into larger ones. Data are now kept in a data warehouse, which are enterprise-wide data collections on all aspects of the business. The small data sets were characterized by uniformity of data elements with well-defined and predefined features such as dates, sales volumes, stock keeping units, and prices. The chapter provides information on a simple graphical display of leakages for the pricing scenario, sometimes called a price waterfall. There are many software packages available for managing large data sets and for data visualization. JMP is a very powerful, user-oriented package for data management, statistical procedures, and visualization capabilities.
